By Matt Williams, Business Services Specialist, March 2023
Are you a small business owner that is looking for ways to increase funding to support your business? Whether you have been in business for 40 years or are just starting out, businesses need funds to continue to grow and thrive. There are a few ways that businesses can get funding. Some are:
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Finding an Investor
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Getting a Small Business Loan
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Crowdfunding
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Self-funding or Family and Friends
There is another way not mentioned about…Grants! Grants are a great way to help get money without getting loans or asking a family member.
The best part is that grants don’t need to be paid back!
The Illinois Department of Commerce and Economic Opportunity has announced grant opportunities for small business owners and entrepreneurs both at the state and at federal level. The grants can be found at https://dceo.illinois.gov/aboutdceo/grantopportunities/grants.html.
Other websites where you can look for grants are:
If there is a grant that you feel your business qualifies for, click on the link to go right to the application. With the average small business making about 7-10% profit margin, grants are a great way to help your business and provide you will additional funds to expand, get more inventory, upgrade technologies, etc. The possibilities are endless.
Please note that grants tend to have specific rules that need to be followed when applying and when awarded.
The library also loves to work with local businesses! If you have any questions or need help finding the perfect grant for you, please reach out to me at mattwilliams@addisonlibrary.org or 630.458.3304. We can set up a time to meet one-on-one to find the best grant for your business, go over the information of the particular grant, and find out what documentation may be needed to apply. I am also here to help you with your business. Let us know how we can help your business by submitting a Business Needs Assessment.